The Karnataka authorities and US-based Worldwide Battery Firm (IBC) on Tuesday signed a memorandum of understanding (MoU) to arrange a recyclable Lithium-ion battery manufacturing unit at an outlay of Rs 8,000 crores (USD 1 BN) within the state.
IBC India, President Venkatesh Valluri, and Principal Secretary for Division of Commerce and Industries Dr. Selvakumar signed and exchanged the MoU within the presence of Giant and Medium Industries Minister M B Patil.
Talking on the event, Patil mentioned the corporate will set up the unit on a 100-acre parcel of land within the Bengaluru Rural district.
“After the realisation of the mission the state would have its second Lithium-ion battery manufacturing facility paving the best way for changing into the entrance runner as a Li-ion battery manufacturing state within the nation,” he famous.
Dr. Priyadarshi Panda, Founder and CEO, IBC acknowledged that the pilot plant in Korea is on the verge of completion and the primary set of take a look at batteries was able to be examined by the potential prospects of the corporate.
The IBC staff defined the significance of recyclable batteries and emphasised the necessity for organising “dry rooms and clear rooms” for high-quality manufacturing of batteries.
Sasi Kuppannagari, Co-Founder and COO, of IBC, and Commissioner for Division of Commerce & Industries Gunjan Krishna have been current.